The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-07
THE IVES FAILURE.
Assignee CiOmwell's Report
A V0lumiuOus Document Elaborate 4
with Tables u figures
Liabilities, $i16G6,I75, NOmlaA
Assets, $sS, G04, ses.
ihe Amount Due tO Unsecured
Creditors Some Nine Millions,
The AnigoHs Bays ths Rocks Arc
AR Coed Penn aud Hegs
larry hept-sosae
LSbtors.

NGw YoRK, septembsr B.-willsm
n. Cromwell, assignee Of Henry ..
Ives & o., made hs report to the
Superior Cont this morning. II iss
voluminous document, died with
tab 90 oi fignree. The liabilities are
I'll, CSC, l75 IS; the nominal assets are
| f26, 683, 96s 81 and the scual assea
Sll, l22,0l6 70. Secured op dtors' bills
payable are 81 .67S,sN o.. The liabilt-
ties on stock loaned amount 10 81 0l0,.
COO. The amount due to unsecured
creditors lie 81, $50, ll8 30. lnthe assets
the nsures are "a follows; Stock
| Nominal value, So, 7O3 so4 81; actual
value, $s.4ll, 8s7 BondS-N Nominal
value, 81 ,2i9, 800; sexual value, $l.9ls,-
500. Sundry debit Nominal yalue,
| Si0l 027 95; actual value, $40, 1927 20.
Bills acknowledgements value, 81
| l9j, go; actual value, Sl,0S8. $40 ~.
sundry asssts-Nominal value, $685.
075 ; actual value, s5l 1870 90 Borrowed
stock Nominal value, 50 $50; actual
value, f5i, $50, The assignee ssys.thAt
| The books Of the firm appear to be in
good form and regularly kept, end
thai the report was made up by an
expert accountant unacqs aiuted with
tha assignorp. The Aesignors did not
prc pare and Gle their schedules, and
he, therefore, with the best obiAinabls
information, pr pare aud Hed these.
The property comprised almost enc
tirely Stoke, bonds and bills TO
oeiN able Of the several corporations
with which Ives 4 Co. were con-
utcted and Ia which their invest
ments were made. These are the
Cincinnati, Hamilton AMI Dayton rail-
road, Cincinnati, Wabash end MiChi-
gan, DAYTON aud Michigan, Terre Haute
aud Indianapolis, Min,ral Range and
DAYTON, Fort Wayne and Chicago rail-
10 idp. Owing 10 this failure Of the
aasianors, and N the large
balances snd other indebted
which thew owe these companies
(exc pt the O., w. and NJ. X. X J, the
credit Oi the companys atsigned
railroads have become greatly Inn
paired, although tho physical condi-
ton and the earnings OF the property
were greatly imp owed under the
I management Of the aesiguors. Legal
} complications have eprung up, and
the investment public has become
\ disturbed by many iIiurlous rumou
= and assertions. These things have 90
!. unf ettled confdsnce In these proper
|. Ties that the securities Of the assigned
!, estate are rendered almost entirely
unmsrketable st this time; then, too,
the large indebtedness 10 these COM
pan az OF the assignors diminished the
vaue Of the securities.
The assignee adds: "All OF this largs
estate Ia out Of loans 10 creditors, aud
held by them 90 collateral scurity,
except the Hancock and Calumet stock
aud shout ~, 1000 shares OF The Dayton,
Fort Wayne and Chicago Railroad
Oompany's ulock, and q small amount
u rnlscellauesus notcs Of ANAL value,
Those loans are beiss called daily,
and the securiteH Re being offered
for sale. The assignee has no msRNa
OF protecting the estAte against such
SAILS, and IN dependent on his abb y
10 induce the creditors 10 suspend .
sale until confidence In the securities
IL regained by the establishment oi
the compasiss, or by hnding other
parties with moro confidence than
the present holders 70 take up and
carry the loAns"
TIE aga gnoe says farther that tho
value a. the secnIitiea 10 largely DO.
pressed last now because OF the nm.
osriAilty ~ 10 where the. control Of
the companies will q ally lodge, and
ghe,Lef they will be- worked In liar.
mony or fan into bands nj war with
each other Tho cause OF the diiier-
ence IN the schedules between thB
. ominal and actual values sris6H, he
says, from tho above, add the ger eral
depreciation IN the market value Of
the fecnritlfa. The good marketable
recuritles on the loans are being dis.
posed Of to reducs the loans and sayU
a large interest charge. lie adds:
"Aitar application to.auchi ecufities
10 the loans, the creditors hold the 40
cnr'ies with which the sssignors we're
oonu eoied, and which thavs described
above, and la every Instance, with n
irfipg exception, thero will exist
large balances lin proportion ~ tbs
marketable secnnti,s 40 heidi on the
loane against which the tHolgnors' M.
curities will remain. ard unstable VI
this time"
Tho auignee addB thu, "lho GIgs
equity In tho cans 10 liable 10 DO
sSepi away iithe creditors DO no. Tor.
bear And CO operate with the alsignee
10 taving the same
ltis c'sim'd by these who have
studied lhi1 jocumsnt Of Mr.. Cfom-
Wsi's tia .ha actual a5fcls, including
only lhr q ms tquiIieB In ih8 hypoih.
GO ued iscu1ti,a. IN only about 1900.
coo. Among The debtors 20 tho firm
arc Albert Meter $4,000. secured "
Oh Ia go, llimil'on aud Dly..n
stock. Am-ug The unFecuTed cred
it1H Iru8i are; u 5 Ives. 90 truss
tee i1f T. Il, and q. railroad 100000.
aud 4 N s,nfi, ireasu fsr r. ~. AID
| a. iii. II cd uHg gHN ~